The trend that became the biggest boom of 2025 is starting the new year as a bust.
At least 37 of the top 100 Bitcoin treasury companies now trade at discounts to their net ******* et value, according to data from BitcoinTreasuries.net. That means nearly 40% of major treasuries are worth less than the Bitcoin they hold.
“The initial hype is over,” Brian Huang, co-founder of investment platform Glider, told DL News.
Indeed, the premium era has ended. For the first three-quarters of 2025, treasury companies enjoyed significant premiums on their holdings. That allowed them to issue new stock a